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Japan Shares Fall on Yen Gain

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  • Japan Shares Fall on Yen Gain

Japanese shares fell for a second day after the yen touched the highest since November while Treasuries held gains that had been spurred when President Donald Trump targeted reworking America’s trade relationships. The dollar pared declines that had come after Treasury Secretary nominee Steven Mnuchin commented on currency strength.

The Topix Index fell 0.4 percent as of 9:46 a.m. in Tokyo, while equities advanced in Australia. Futures on the S&P 500 Index were little changed after the benchmark declined Monday, when European shares fell to the lowest level of 2017. Gold retreated after touching the highest since November and 10-year Australian yields fell a second day.

While investors have been looking for details on campaign promises to boost growth and government spending, much of the incoming administration’s initial pronouncements targeted trade or pushed companies to invest more inside the U.S. Mnuchin flagged concerns about China’s trade and exchange rate policies and said the administration would focus on infrastructure spending. President Trump promised a “very major” border tax and signed an executive order to withdraw the U.S. from the Trans-Pacific Partnership deal. He announced on the weekend he’d seek to renegotiate the North American Free Trade Agreement.

“The first couple of days of the new presidency have seen the rhetoric weighted toward protectionist policies while little detail is yet available on stimulus measures,” said Ric Spooner, Sydney-based chief analyst at CMC Markets Asia Ltd. “Unwinding free trade agreements and imposing border taxes is seen by markets as a negative for the dollar, which is not being helped by statements from the U.S. Treasury secretary about it being overvalued.”

Money managers will be dissecting earnings from some of the world’s largest companies this week with Alphabet Inc. and Alibaba Group Holding Ltd. among those reporting results.

Here are the main moves in markets:

Stocks

  • The Nikkei 225 Index fell 0.4 percent. Futures on the FTSE China A50 advanced 0.2 percent, while those on the Hang Seng Index were little changed.
  • The MSCI Asia-Pacific Index was little changed.
  • Australia’s S&P/ASX 200 Index rose 0.5 percent, after a two-day slide, while New Zealand stocks retreated 0.2 percent and South Korea’s Kospi lost 0.1 percent.
  • The S&P 500 Index fell 0.3 percent to 2,265.20. The Dow Jones Industrial Average slid to 19,799.85, clinging to a 0.2 percent advance in 2017.
  • The Stoxx 600 benchmark index of European shares fell 0.4 percent to the lowest close since December.
  • The MSCI Emerging Market Index rose 0.1 percent to add to its 1 percent jump on Monday.

Currencies

  • The yen declined 0.2 percent to 112.87 per dollar, after jumping 1.7 percent the previous session. The Australian and New Zealand dollars were little changed after each advanced more than 0.2 percent to reach levels last seen in November.
  • The Bloomberg Dollar Spot Index slid 0.2 percent to the lowest since Dec. 8, after dropping 0.7 percent on Monday. It has fallen for four straight weeks, the longest retreat since February.

Bonds

  • Australian bonds gained in the wake of Treasuries, with the yield on 10-year notes down four basis points to 2.72 percent.
  • The yield on the 10-year Treasury was steady at 2.40 percent after it declined seven basis points Monday; bonds had extended their rally after Trump vowed “a very major border tax” on imports in a meeting with business leaders.

Commodities

  • Gold was down 0.1 percent after climbing 0.7 percent Monday and touching a two-month high of $1,220.26 an ounce.
  • West Texas Intermediate crude oil rose 0.3 percent to $52.89 a barrel. It slid 0.9 percent the previous session after U.S. drillers added the most rigs in more than three years, making it difficult for OPEC to drain global oversupply.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Naira

Daily Naira Exchange Rates (Parallel Market, Bureau De Change and CBN Rates); Friday, January 15, 2021

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Nigeria 500 naira notes

Daily Naira Exchange Rates (Parallel Market, Bureau De Change and CBN Rates); Friday, January 15, 2021

The Nigerian Naira remained under pressure against the United States Dollar on the parallel market at N475 exchange rate, while the value has not improved against the Euro and Pound, inflation rose to 15.75 percent in the month of December to further compound Nigeria’s predicament.

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
15/01/2021 470/475 635/642 573/580 60/70 375/385 245/293
14/01/2021 470/475 630/640 570/580 60/70 375/385 245/293
13/01/2021 470/474 630/637 570/580 60/70 375/385 245/293
12/01/2021 470/475 630/637 575/580 60/70 375/385 245/293
11/01/2021 468/675 625/635 575/582 60/70 372/382 245/293
08/01/2021 467/672 622/630 570/575 60/70 365/378 245/293
07/01/2021 465/470 620/628 570/575 60/70 365/378 245/293
06/01/2021 465/470 620/628 565/570 60/70 365/378 245/293
05/01/2021 465/470 620/628 565/572 60/70 365/378 245/293
04/01/2021 465/470 620/628 565/572 60/70 365/378 245/293
31/12/2020 465/470 620/628 567/573 60/70 365/378 245/293
30/12/2020 465/470 620/628 567/573 60/70 365/378 245/293
29/12/2020 465/470 620/628 565/573 60/70 365/378 245/293
28/12/2020 460/465 615/625 560/570 60/70 350/367 245/293
25/12/2020 460/465 615/625 560/570 60/70 350/367 245/293
24/12/2020 460/465 615/625 560/570 60/70 350/367 245/293
23/12/2020 470/475 622/632 575/580 60/70 350/367 245/293
22/12/2020 472/476 622/630 570/578 60/70 340/362 250/295
21/12/2020 472/476 622/632 570/580 55/68 340/362 250/295
18/12/2020 472/477 622/630 570/577 55/68 340/362 250/295

 Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
15/01/2020 460/475 630/638 570/577
14/01/2020 460/475 630/638 570/577
13/01/2020 460/470 626/633 565/576
12/01/2020 460/470 626/633 566/576
11/01/2020 460/470 620/630 560/573
08/01/2020 460/470 615/625 555/573
07/01/2020 460/470 615/623 550/570
06/01/2020 460/470 610/623 550/572
05/01/2020 460/470 615/624 550/572
04/01/2020 460/470 615/624 550/572
31/12/2020 460/470 600/626 550/573
30/12/2020 460/470 600/626 550/573
29/12/2020 455/475 600/626 550/573
28/12/2020 455/475 605/628 555/573
25/12/2020 455/475 600/628 550/575
24/12/2020 455/474 600/628 555/575
23/12/2020 460/475 621/632 568/580
22/12/2020 470/475 620/631 568/577
21/12/2020 470/475 620/631 568/577

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
1/15/2021 US DOLLAR 379 379.5 380
1/15/2021 POUNDS STERLING 516.9181 517.6001 518.282
1/15/2021 EURO 459.4996 460.1058 460.712
1/15/2021 SWISS FRANC 426.8499 427.413 427.9761
1/15/2021 YEN 3.6548 3.6596 3.6644
1/15/2021 CFA 0.6839 0.6939 0.7039
1/15/2021 WAUA 545.8708 546.5909 547.3111
1/15/2021 YUAN/RENMINBI 58.531 58.6087 58.6864
1/15/2021 RIYAL 101.0236 101.1568 101.2901
1/15/2021 SOUTH AFRICAN RAND 24.8724 24.9052 24.938

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Naira

Naira Drops to N394.67 Against US Dollar on I&E FX Window

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Naira Dollar Exchange Rate

Naira Drops to N394.67 Against US Dollar on I&E FX Window

Economic uncertainties amid the rising number of COVID-19 continues to weigh on the Nigerian Naira across key foreign exchange markets.

The Nigerian Naira depreciated against the United States Dollar on the Investors and Exporters (I&E) Foreign Exchange Window on Thursday.

The local currency depreciated by 0.34 percent to N394.67 per US Dollar, down from N392.69 it opened the day.

On Thursday, investors exchanged $215.63 million on the I&E window.

Despite efforts to ease forex scarcity with $20 billion diaspora remittance, the Naira continued to fall against global counterparts due to weak remittance inflows from developed nations.

Like other nationalities, Nigerians in the diaspora are struggling with lockdowns, surged in the unemployment rate and the drop in global earnings.

Also, weak foreign reserves amid rising debt servicing and other expenditures are hurting the central bank’s ability to intervene effectively across the foreign exchange markets as usual.

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Forex

Stanbic IBTC Shut Down Bureau De Change Business

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stanbic IBTC Insurance

Stanbic IBTC Shut Down Bureau De Change Business

Stanbic IBTC Holdings Plc has shut down its bureau de change subsidiary, Stanbic IBTC Bureau De Change Limited (Stanbic IBTC BDC) due to the change in foreign exchange inflow policy.

It should be recalled that the Central Bank of Nigeria (CBN) adjusted the policy of diaspora remittance inflow to stimulate growth and ease forex scarcity across the nation.

Therefore, Stanbic IBTC said the decision to discontinue its bureau de change operations was because of the recent changes in diaspora inflow that now affords customers the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.

In a statement signed by Chidi Okezie, Company Secretary, Stanbic IBTC, said the bureau de change business was discontinued effective from 01 January 2021 through relinquishing of its operating license.

The intention is to repurpose this subsidiary for other business ventures in the near future, and stakeholders would be duly notified when all engagements have been concluded in this regard,” it stated.

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